FirstEnergy (NYSE:FE) CEO Anthony Alexander said Sept. 25 that his company is getting a purchase price of $400m from a sale of hydroelectric assets to LS Power.
Alexander revealed the sales price for the first time during a morning presentation at the Bank of America Merrill Lynch 2013 Power and Gas Leaders Conference in New York City. The presentation was webcast.
FirstEnergy subsidiaries said Sept. 4 that they had applied for authorization from FERC to sell 11 hydro power stations in Pennsylvania, Virginia and West Virginia to Harbor Hydro Holdings, a subsidiary of LS Power Equity Partners II.
The hydro stations have a total capacity of 527 MW, which represent less than 3% of FirstEnergy’s generation fleet. In addition to FERC, the agreement needs approval from the Virginia State Corporation Commission and other entities.
Closing is targeted for the fourth quarter of this year. But one of the larger hydro projects, the 451-MW Seneca Pumped Storage facility in Pennsylvania, must overcome a challenge by the Seneca Nation.